Royce & Associates LP Grows Stock Position in Covenant Logistics Group, Inc. $CVLG

Royce & Associates LP lifted its stake in Covenant Logistics Group, Inc. (NYSE:CVLG) by 8.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 298,648 shares of the company’s stock after buying an additional 23,060 shares during the quarter. Royce & Associates LP owned approximately 1.19% of Covenant Logistics Group worth $6,469,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Royal Bank of Canada lifted its holdings in Covenant Logistics Group by 90.5% in the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock valued at $535,000 after acquiring an additional 11,454 shares during the period. AQR Capital Management LLC raised its position in Covenant Logistics Group by 97.5% during the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after acquiring an additional 43,816 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Covenant Logistics Group by 108.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock valued at $213,000 after purchasing an additional 4,985 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Covenant Logistics Group by 161.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after purchasing an additional 110,810 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Covenant Logistics Group by 27.6% in the first quarter. Jane Street Group LLC now owns 21,937 shares of the company’s stock valued at $487,000 after purchasing an additional 4,743 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Trading Up 2.3%

Shares of Covenant Logistics Group stock opened at $30.16 on Thursday. The stock has a 50 day moving average of $26.61 and a 200 day moving average of $23.42. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.98 and a current ratio of 1.11. The firm has a market capitalization of $755.51 million, a price-to-earnings ratio of 137.10 and a beta of 1.16. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.43.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business had revenue of $295.37 million during the quarter. Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.70%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. Zacks Research cut Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Finally, Wall Street Zen upgraded Covenant Logistics Group from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.00.

Insider Buying and Selling

In other Covenant Logistics Group news, CEO David Ray Parker sold 100,000 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $29.67, for a total transaction of $2,967,000.00. Following the completion of the transaction, the chief executive officer owned 2,197,944 shares of the company’s stock, valued at $65,212,998.48. This trade represents a 4.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 438,800 shares of company stock valued at $12,826,748 over the last 90 days. Corporate insiders own 35.10% of the company’s stock.

About Covenant Logistics Group

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.